Investor Presentation Q2 2016 January 21, 2016

© 2016 ResMed I 2

Safe Harbor Statement

Statements contained in this presentation that are not historical facts are “forward-looking” statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements — including statements regarding ResMed's projections of future revenue or earnings, expenses, new product development, new product launches and new markets for its products and the integration of acquisitions — are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Additional risks and uncertainties are discussed in ResMed’s periodic reports on file with the U.S. Securities & Exchange Commission. ResMed does not undertake to update its forward-looking statements.

© 2016 ResMed I 3

ResMed - Proven Global Leader driving Long-Term Growth

26+ years of successful innovation,

market development and market growth

Leader in innovation for products

in sleep apnea, COPD, NMD and other chronic diseases

with greater than 5,000 patents and designs

Global sales and manufacturing channel, delivering products and solutions in over 100 countries

with over 4,000 employees world-wide

Disciplined financial management

Proven capital deployment history,

committed to returning excess cash to shareholders

Long-term Growth opportunities across all three horizons

of ResMed’s strategy

© 2016 ResMed I 4

Num

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Time to Material Growth Impact

Changing lives with every breath 20 million lives changed by 2020 Improve patient quality of life Prevent chronic disease progression Reduce healthcare system costs

Horizon 3 Invest in Portfolio of New Market Options

Horizon 2 Scale-Up Respiratory Care and

Connected COPD

Horizon 1 Lead SDB Industry

• Ground breaking end-to-end connected care solutions

• Connected respiratory care solutions for COPD, obesity-hypoventilation syndrome, and NMD, including ALS

• Integrate connected solutions

• Key chronic diseases with high respiratory medicine impact ‒ Atrial Fibrillation ‒ Nocturnal Asthma

• Sleep & Consumer Wellness ‒ Engagement in Sleep Health ‒ Expansion of ResMed brand

ResMed’s Growth Strategy

Expansion in High Growth Markets – China, E. Europe, India, Brazil, South Korea

Global Leadership in Healthcare Informatics

Operating Excellence – Best in Class, Leverage Market-Leading Scale

© 2016 ResMed I 5

ResMed is leading the way with the most connected devices

Meaningful connectivity solutions did not exist, so we pioneered 100% cloud connected

respiratory medical devices

Others had to follow

Smaller, Quieter, More Comfortable… and More Connected

© 2016 ResMed I 6

Healthcare Informatics – the new basis of competition

• Liberate Healthcare Data • Improve Outcomes

• Unlock Value

© 2016 ResMed I 7

Informatics is revolutionizing the patient-provider relationship

Providers are looking for tools that allow fewer people to manage more patients

Patients are looking for simple ways to track their health outcomes

© 2016 ResMed I 8

3rd Party Diagnostics

We are the global leader in Connected Care for med devices

DIAGNOSIS THERAPY MONITORING & MGMT. PATIENT ENGAGEMENT BILLING

We have well over 1 million cloud-connected med devices liberating data daily

© 2016 ResMed I 9

World’s largest provider of connected solutions

AirView™ has over

2.5 million patients 1 million + patients

monitored at home with

connected care

~ 60,000 user accounts as customer nodes in digital health

122,000 + diagnostic tests

processed in the cloud

8 API calls per second from integrators

750 patients a day

sign up for myAir™

© 2016 ResMed I 10

Air Solutions – Increased Efficiency, Better Outcomes

Efficient management & business growth 1

Automated compliance coaching 3

• Reduced unreached patients by 87%

• Increased new patient setups by 55%

• Saved labor costs

• 50% of patients are compliant in 23 days or less

• 84% of patients are compliant within 90 day

Patient engagement achieving compliance 2

Standard Monitoring Centralized Monitoring

VS

1. Data based on monthly patient setups and compliance rates of DME customers from February 2014 – March 2015. Historical results for this provider over the stated time. 2. Boota A, Clark K, Lee C. A New Approach for Patient PAP Compliance: Centralized Compliance Monitoring. Sleep. Journal of Sleep Disorders Research Volume 38 2015 | Abstract Supplement 3. “Lynch,s et al. Retrospective descriptive study of CPAP adherence associated with use of the ResMed myAir application 2015. ResMed Science Center, ResMed Ltd, Sydney, Australia. Time to achieve Medicare

adherence based on median value (95% Cl)

• Increased compliance by 27%

• Increased new patient set-ups by 83% with same staff

© 2016 ResMed I 11

We can reduce costs of key chronic diseases

MMWR, Vol 60, 2011

Car

diov

ascu

lar

Dis

ease

and

Str

oke

$405 billion

Obs

truc

tive

Sl

eep

Apn

ea

Dia

bete

s

Obe

sity

Ast

hma

$165 billion*

$150 billion

$245 billion

$60 billion

Annual costs per chronic condition in the U.S.

CDC, Vital Signs, May 2011

ADA study, Economic Costs of Diabetes in the U.S. in 2012

Eric A. Finkelstein, et al, Health Affairs 28, no5, 2009: w822-w831

McKinsey & Company analysis Harvard Medical School, 2010

© 2016 ResMed I 12

<15% penetration High growth markets

Sleep apnea is a huge, underpenetrated market

Sleep Heart Health Study: 26% of adults have sleep apnea

<1% penetration <10% penetration

Brazil

Eastern Europe

China

India South Korea

© 2016 ResMed I 13

Global Leader in Sleep Apnea Management

AirSense™ 10 AirViewTM myAir™

© 2016 ResMed I 14

Num

ber o

f Pat

ient

Liv

es Im

pact

ed

Time to Material Growth Impact

Changing lives with every breath 20 million lives changed by 2020 Improve patient quality of life Prevent chronic disease progression Reduce healthcare system costs

Horizon 3 Invest in Portfolio of New Market Options

Horizon 2 Scale-Up Respiratory Care and

Connected COPD

Horizon 1 Lead SDB Industry

• Ground breaking end-to-end connected care solutions

• Connected respiratory care solutions for COPD, obesity-hypoventilation syndrome, and NMD, including ALS

• Integrate connected solutions

• Key chronic diseases with high respiratory medicine impact ‒ Atrial Fibrillation ‒ Nocturnal Asthma

• Sleep & Consumer Wellness ‒ Engagement in Sleep Health ‒ Expansion of ResMed brand

ResMed’s Growth Strategy

Expansion in High Growth Markets – China, E. Europe, India, Brazil, South Korea

Global Leadership in Healthcare Informatics

Operating Excellence – Best in Class, Leverage Market-Leading Scale

© 2016 ResMed I 15

COPD is a large and growing market

• COPD is the 3rd leading cause of death behind cardiovascular disease and cancer

• More than 65 million people worldwide are estimated to have moderate-to-severe COPD1

• Including largely undiagnosed sufferers in high-growth markets such as China, India, Brazil and E. Europe, the COPD population may be well over 100 million 2

• Cost to healthcare systems from COPD is enormous: ‒Europe: ~48 billion euros per year3

‒US: ~50 billion dollars per year4

• More than 3 million people die each year due to COPD1

1 As estimated by the World Health Organization 2 Company estimates based on World Health Organization estimates and Zhong et al. "Prevalence of Chronic Obstructive Pulmonary Disease in China“ Respiratory and Critical Care 3 European Respiratory Society, European Lung White Book 4 Guarascio et al. Dove Med Press, 2013 Jun 17

© 2016 ResMed I 16

Air pollution is elevated in high growth countries

• The World Health Organization (WHO) estimates that 11% of deaths attributed to ambient air pollution are for chronic obstructive pulmonary disease (COPD)

• WHO also placed 13 Indian cities in the 20 most polluted cities of the world.

• The Economist recently reported that the pollution level of many Indian cities exceeded Chinese cities ‒Report estimated average PM2.5 concentrations

of 18 for EU and 11.6 for the United States

• COPD prevalence directly related to risk factors like smoking and outdoor, occupational and indoor air pollution1

0 25 50 75 100 125

GuangzhouShanghai

BeijingJinan

Navi MumbaiBengaluru

ChennaiChandrapur

MumbaiHyderabad

PuneAgra

VaranasiKanpur

AhmedabadFaridabadLucknow

Delhi

Source: Greenpeace, A status assessment of National Air Quality Index and pollution level assessment for Indian cities, December 2015

Average PM2.5 concentration, micrograms per m3

WHO Annual Guideline

IND

IA C

HIN

A

1) GOLD, Global Strategy for the diagnosis, management and prevention of COPD, 2016; World Health Organization

© 2016 ResMed I 17

NIV: Huge potential to improve outcomes in COPD

• Mortality risk reduced by over 60% on a relative basis using long-term non-invasive ventilation (NIV) treatment in chronic obstructive pulmonary disease (COPD)

• One-year mortality in the two matched COPD cohorts was: ‒ 12% mortality (NIV intervention group) ‒ 33% mortality (control group)

• More than 65 million moderate-to-severe COPD patients worldwide1

‒NIV underpenetrated as treatment for COPD ‒Significant upside: US, Europe, China, Brazil

References: Köhnlein et al. Lancet Respir Med 2014 1) As estimated by the World Health Organization

Time (Days after randomization)

Cum

ulat

ive

Mor

talit

y

0.40

0.30

0.20

0.10

0 0 100 200 300

Control Group

Intervention Group

p=0.0004

© 2016 ResMed I 18

Expanding in COPD: Acquisition of Inova Labs

• Builds broader platform for growth in respiratory care; leverages ResMed’s global distribution channels

• Future opportunity to introduce healthcare informatics solutions into portable oxygen concentrators – connected care for COPD

• Adds long-term oxygen therapy, with best-in-class portability and mobility for COPD patients

• Transaction details not disclosed; deal is expected to close during the March quarter

© 2016 ResMed I 19

Expanding in Respiratory Care and China: Curative

• Accelerated strategy to invest and grow in China, with local partnerships

• ResMed and Curative – the combined market leader in China

• Complementary sleep and respiratory care products

• Curative will retain product manufacturing, sales, and R&D in China

ResMed and Curative Medical

Preserve • Maintain separate

business models, teams and segmentation

• Retain local business relationships and brands

Strengthen • Strategic alignment • Enhance local R&D,

manufacturing and channels to market

Grow • Invest in market dev. and

innovation • Leverage combined scale

to grow market size and our market share

© 2016 ResMed I 20

Patient Requirements

Pro

duct

Fea

ture

s Full spectrum of products for Respiratory Care

Bilevel

AirCurve 10

Non-invasive Ventilation (NIV)

Lumis™

Stellar™

Life Support Ventilation

Astral™

Activox™

Portable Oxygen Concentrator

Activox DUO2™

Stationary Oxygen Concentrator

© 2016 ResMed I 21

Click to edit Master title style Healthcare Informatics for COPD

Cost effective to manage COPD patients in the home and keep them out of hospitals

Changes in lifestyle and disease progression need to be monitored on a daily basis

© 2016 ResMed I 22

Opportunity to shift care from hospital to home

3,077 3,235 3,713 3,866

4,124 4,351 4,819 4,904

6,325

8,713

3,453

$0

$2,000

$4,000

$6,000

$8,000

$10,000

Source: Organization for Economic Cooperation and Development, OECD Health Statistics 2015, July 2015. As compiled by the Peter G. Peterson Foundation. Per capita health expenditures all from 2013, except Australia for which 2012 data are the latest available. Chart uses purchasing power parities to convert data into U.S. dollars

Hea

lthca

re C

osts

per

Cap

ita (U

SD)

© 2016 ResMed I 23

Holy Grail of Healthcare: Reduce Costs. Improve Outcomes.

• Improve quality-of-life for patients • Prevent chronic disease progression • Reduce costs of managing chronic disease

© 2016 ResMed I 24

Num

ber o

f Pat

ient

Liv

es Im

pact

ed

Time to Material Growth Impact

Changing lives with every breath 20 million lives changed by 2020 Improve patient quality of life Prevent chronic disease progression Reduce healthcare system costs

Horizon 3 Invest in Portfolio of New Market Options

Horizon 2 Scale-Up Respiratory Care and

Connected COPD

Horizon 1 Lead SDB Industry

• Ground breaking end-to-end connected care solutions

• Connected respiratory care solutions for COPD, obesity-hypoventilation syndrome, and NMD, including ALS

• Integrate connected solutions

• Key chronic diseases with high respiratory medicine impact ‒ Atrial Fibrillation ‒ Nocturnal Asthma

• Sleep & Consumer Wellness ‒ Engagement in Sleep Health ‒ Expansion of ResMed brand

ResMed’s Growth Strategy

Expansion in High Growth Markets – China, E. Europe, India, Brazil, South Korea

Global Leadership in Healthcare Informatics

Operating Excellence – Best in Class, Leverage Market-Leading Scale

© 2016 ResMed I 25

Sleep Apnea: Highly prevalent in key chronic diseases

References: Logan et al. J. Hypertension; O’Keefe and Patterson, Obes Surgery; Oldenburg et al,, Eur J Heart Failure; Einhorn et al. Endocrine Prac; Basseti et al. Stroke

Stroke 63%

Depression 45%

Atrial Fibrillation 49%

Heart Failure 76%

Drug-Resistant Hypertension 83%

Coronary Artery Disease 57%

Type 2 Diabetes 72%

Morbid Obesity 77%

© 2016 ResMed I 26

Horizon 3: Atrial Fibrillation (AF)

• Conclusion of study in JACC: ‒CPAP use associated with reduced AF

recurrence ‒Reduced AF recurrence seen in two key groups

• Patients who underwent catheter ablation • Patients who underwent non-ablation medical mgmt.

‒Data included 7 studies with n=1,087 patients

© 2016 ResMed I 27

S+ by ResMed sleep wellness system

Sounds synchronize with your breathing, slow breath rate down, and help you to fall asleep Relax

Daily “Sleep Score” out of 100 based on quality and quantity of sleep, including REM, deep sleep, light sleep; daily advice algorithms

Record

Wake up at the optimal time of your sleep cycle to feel refreshed, and still make it to work on time! Refresh

© 2016 ResMed I 28

Disciplined financial track record

$1.26

$2.57

2010 2015

Revenue ($B) Adjusted Net Income ($M)

Adjusted EPS

$0.9

$1.7

2010 2015

9% CAGR

$195

$367

2010 2015

13% CAGR

15% CAGR

$131

$321

2010 2015

20% CAGR

Free Cash Flow ($M)

© 2016 ResMed I 29

Key Financial Metrics Q2 2016

Revenue $454.5M +7% (13% CC)

Non-GAAP Gross margin* 58.1%

Non-GAAP operating profit* $116.9M +5%

Non-GAAP net income* $97.5M +5%

Non-GAAP EPS* $0.69 +6%

GAAP EPS $0.64 Flat

Cash flow from operations $147M

Free cash flow $133M

Q2 2016 Results

* Excludes the impact of release of Serve-HF accrual, restricting expenses and amortization of acquired intangible assets

© 2016 ResMed I 30

Diversified revenue sources by region & product

Americas 59%

EMEA 29%

APAC 12%

Masks and Accessories

43% Flow Generators 57%

Note: Represents Q2 2016 revenue breakdown

© 2016 ResMed I 31

Innovation leadership. Global scale. Customer-driven.

Note: All figures are approximate

Global Infrastructure

• World-class quality and operational excellence in our global supply chain

• Global manufacturing scale

Market Focused

• Homecare sales force in the U.S., France, Germany, Japan, beyond

• Direct sales in Australia, New Zealand and the United Kingdom

• Distributor networks expanding our reach to over 100 countries

• Market defining investments in future high-growth markets

Product and Solution

Innovation and Expertise • Strong global R&D organization with

centers of excellence in Europe, Australia and North America

• Over 5,000 patents in our IP portfolio • Global leadership in innovation and

market share in respiratory medicine

© 2016 ResMed I 32

Operational Excellence – A continuous process at ResMed

Grow Operating Margins

Invest in innovation & unlock acquisition

value

Operating Leverage

Efficiencies in product supply & manufacturing

ResMed’s Operational Excellence Approach

© 2016 ResMed I 33

Delivering Operating Leverage

SG&A

SG&A expenses (US$M) SG&A expenses as % of revenue

FY’09 FY’10 FY’11 FY’13 FY’14 YTD FY’16 FY’12

290 329

371 402

431

229

450

31.5%

30.1%

29.9%

29.3%

28.4%

29.0%

26.5%

FY’15

473

28.2%

© 2016 ResMed I 34

Proven capital management

Capital Deployment

Free Cash Flow returned to Shareholders

Last twelve months combined dividend and stock repurchase = 84% of free cash flow

FY 2015 dividend payout ratio of 45% of net income

2015 dividend per share increased 12% over prior year

Increasing Dividend Investment for Growth

New products Geographic expansion Acquisitions

Combined dividend and buy-back over rolling 5 years = 98% of free cash flow

Through Q1 FY2015

© 2016 ResMed I 35

Acquisitions - new products, services and channels for growth

New Informatics Solutions

Expanding Distribution Channels

New Product Lines or Channels

© 2016 ResMed I 36

Changing Lives with Every Breath

In the last 12 months, we changed more than 9 million lives.

Our aspiration is to change 20 million lives by 2020

© 2016 ResMed I 37

ResMed - Proven Global Leader driving Long-Term Growth

26+ years of successful innovation,

market development and market growth

Leader in innovation for products

in sleep apnea, COPD, NMD and other chronic diseases

Global sales and manufacturing channel, delivering products and solutions in over 100 countries

Disciplined financial management

Proven capital deployment history,

committed to returning excess cash to shareholders

Long-term Growth opportunities across all three horizons

of ResMed’s strategy

© 2015 ResMed I 38

Contact Investor Relations Phone: (858) 836-5971

Email: investorrelations@resmed.com Website: www.investors.resmed.com